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Houses Passes XBRL Exemption as Survey Reveals Costs

The House of Representatives passed legislation that includes an exemption for 60 percent of all public companies from the Securities and Exchange Commission requirement to submit interactive financial statement data using XBRL.

H.R. 37, titled “Promoting Job Creation and Reducing Small Business Burdens Act,” represents a “major setback” to the transparency of data in financial regulation, says Hudson Hollister, executive director of the Data Transparency Coalition, an advocate for more government use of digital data. “The primary purpose of the SEC is to oversee our capital markets to promote fair dealing and the disclosure of important market information, and to prevent fraud,” he said in a statement. “The House of Representatives just ...

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